Bob Diamond Passes Up $31 Million On His Way Out The Door From Barclays

LONDON (AP) — UK bank Barclays has agreed a resignation package with
outgoing chief executive Bob Diamond where he will continue to receive
his salary, pension allowance and other benefits for up to 12
months but will forfeit a number of bonus awards and incentives,
the bank said Tuesday.

Diamond resigned last week after Barclays was fined $453 million
by U.S. and U.K. agencies for making false reports of its
borrowing costs between 2005 and 2009.

Barclays said Tuesday that Diamond had agreed that all of his
unvested deferred bonus awards and long-term incentives would
lapse, that he would not receive any future bonus or incentive
awards or compensation for the termination of his employment.

Barclays' shares were up 2.5 percent at 167.45 pence following
the announcement.

Barclays chairman Marcus Agius, testifying to the House of
Commons Treasury Committee, said Diamond has waived a potential
20 million pounds ($31 million) in bonuses and share awards.
Diamond's salary in 2011 was 1.35 million pounds ($2.1 million).

"It is my hope that my decision to step down and today's
agreement on my remuneration will help close this chapter and
allow Barclays to move forward and prosper," Diamond said,
according to the bank's announcement.

The agreement is "something that the board of Barclays welcomes
and I am glad that he has done it," Agius told the committee.

Agius has announced his intention to step down as soon as his
successor is in place. Meanwhile, he is serving as executive
chairman and is leading the search for a new chief executive.